Types of Financial Aid | CBU
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Types of Financial Aid

Scholarships

Scholarships for Incoming, Transfer and International Full-Time Day Students
Each year CBU awards scholarships to our incoming class of new students. Scholarships are intended to reward your accomplishments both in and out of the classroom.

Grants

Federal Pell Grant is a federally administered program, which awards grants to undergraduate students on the basis of exceptional need, who are enrolled for at least 3 credits and have not earned a previous degree.

Federal Supplemental Educational Opportunity Grant (FSEOG) is a Federal grant, administered by the University. FSEOG is awarded to undergraduate students demonstrating exceptional need. Priority is given to full-time Federal Pell Grant recipients who apply on-time.

Tennessee residents who qualify for Federal Pell Grant may be eligible for the Tennessee Student Assistance Award (TSAA). Students with a calculated Expected Family Contribution (EFC) of 2100 or less could receive up to $4000. Available funding is limited, so students are awarded on a first come, first served basis. To be considered for the maximum award, a student should file the FAFSA as soon as possible after October 1.

Tennessee residents who qualify based on the academic criteria established by the state of Tennessee may be eligible for the Tennessee Educational Lottery Scholarship Program. Students wishing to be considered for any TELS funds must complete the FAFSA by the published state deadline of September 1.

 

Contact your state's Department of Education to inquire about other awards your state offers. Tennessee students may contact the Tennessee Student Assistance Corporation online at www.tn.gov/collegepays or call 1-800-342-1663.

A University Grant is awarded from University resources to help students finance their education. Awards are restricted to full-time traditional undergraduate students who apply on-time and demonstrate financial need. University grants may be categorized as University Grants, Buccaneer Award, or Faculty Award. 

Loans

Federal Direct Loan Program
Subsidized Loan is a fixed rate loan awarded on the basis of need made directly by the Federal Government. Interest does not accrue while the student is enrolled at least half-time. Repayment begins 6 months after leaving school or enrolling less than half-time with a standard of 10 years to repay. Students must be enrolled as at least a half-time student to be eligible and be enrolled in an undergraduate program of study.

Unsubsidized Loan is a fixed rate, non-need based loan made directly by the Federal Government. This loan is the same as the regular subsidized Direct Loan; with the exception that students must make interest payments while in school and during the grace period or the interest will be capitalized. Students must be enrolled as at least a half-time student to be eligible.

First-time borrowers must complete a Master Promissory Note (MPN) online at studentloans.gov. The MPN is a legal document on which the borrower’s signature represents a promise to repay future disbursed loans.

In addition, Loan Entrance Counseling is required for all first-time Federal Direct Loan borrowers. Entrance Counseling can be completed online at studentloans.gov. During your online Counseling session, you will be informed of your rights and responsibilities as a borrower, and the terms and conditions associated with borrowing through the Federal Student Loan program.

Dependent undergraduate students can borrow up to:

  • $5,500 for freshmen (Maximum subsidized portion, based on need: $3,500)
  • $6,500 for sophomores (Maximum subsidized portion, based on need: $4,500)
  • $7,500 for juniors and seniors (Maximum subsidized portion, based on need: $5,500)

Independent undergraduate students can borrow up to:

  • $9,500 for freshmen (Maximum subsidized portion, based on need: $3,500)
  • $10,500 for sophomores (Maximum subsidized portion, based on need: $4,500)
  • $12,500 for juniors and seniors (Maximum subsidized portion, based on need: $5,500)

Graduate and Professional students can borrow up to:

  • $20,500 in unsubsidized loans

Lifetime Aggregate Limits:

  • Undergraduate Dependent lifetime limit is $31,000 (up to $23,000 may be subsidized)
  • Undergraduate Independent lifetime limit is $57,500 (between subsidized and unsubsidized)
  • Graduate or Professional lifetime limit is $138,500 (up to $65,000 may be subsidized) or $224,000 (for health professions)

Federal PLUS Loan is a non-need-based loan for the parents of dependent undergraduate students who are enrolled at least half-time. Standard repayment begins within 60 days after the loan is fully disbursed. Borrowers may request to defer payment until after the student ceases to be enrolled at least half-time.

Please reference above Master Promissory Note (MPN) and Entrance Counseling requirements.

Federal Graduate PLUS Loans are non-need-based loans for graduate-level students. With a Grad PLUS loan, you may borrow up to the full cost of your education, less other financial aid received, including Federal Direct Loans. 

Please reference above Master Promissory Note (MPN) and Entrance Counseling requirements.

Federal Perkins Loan is a low-interest loan administered by the University and awarded to eligible students. Recipients must sign a Master Promissory Note, which will be used for consecutive years of borrowing. Repayment begins nine months after leaving school. The interest rate is 5%. Payments are scheduled over a period of up to ten years. Priority is given to eligible full-time students, demonstrating exceptional need, who apply on time. New borrowers: This award will not be credited to your account until you have returned the separately mailed Master Promissory Note and datasheet to the Office of Student Financial Services.

Alternative Education Loans are available to students with credit-worthy cosigners to help bridge the gap between what their family’s financial resources will allow and the cost of higher education. If your family requires additional financing options, there are a number of other choices available.  


Student Employment

 

Federal Work-Study (FWS) may be awarded to any student who is eligible. CBU makes employment under FWS reasonably available, to the extent of available funds, to all eligible students. Federal Work Study is not credited to your account balance as you will a paycheck for the hours you work.

If a student is not eligible for Federal Work-Study, he/she still has the opportunity to work part-time on campus in an institutional work-study job. These jobs are part-time positions on campus that are open to all students, regardless of financial need.

For more information about work-study, click HERE.


Active Duty Veterans

If you served on Active Duty, you might be eligible for education benefits offered by the Department of Veterans Affairs. For example, the Post-9/11 GI Bill provides financial support for educational and housing expenses to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.

If you are currently serving in the military, you may be eligible for funding offered through the Department of Defense Tuition Assistance program. Check your eligibility status and the amount for which you qualify with your Service prior to enrolling.

If you are the spouse or child of a service member who is serving on active duty Title 10 orders in the paygrades of E1-E5, O1-O2, or W1-W2, you may be eligible for financial assistance from the Department of Defense for education, training, and/or the occupational license and credentials necessary for a portable career.

If you are the spouse or child of a service member, you may be eligible for transfer of the service member’s Post-9/11 GI Bill benefits to you.